By ET Bureau - September 18, 2020 2 Mins Read
On-demand access to earned wages helps improve workplace engagement, recruitment and retention
Benefitfocus, Inc. , a technology platform provider enabling rapid innovation for employers, health plans and consumers, announced today it has added PayActiv to the ever-growing range of products and services in its Benefit Catalog. PayActiv is a financial wellness solution offering on-demand access to earned wages for hourly workers.
PayActiv is an industry leading earned wage access (“EWA”) solution. With PayActiv, employees are able to avoid overdrafts and other penalties by using their already earned but unpaid wages. This helps workers break free of predatory lending practices and provides additional value during financial hardship between paychecks.
“Benefitfocus connects people to the benefits solutions that improve their lives. PayActiv is a great solution that builds hourly workers’ confidence and financial security without loans,” said Annmarie Fini, Executive Vice President, Customer Success Organization, Benefitfocus. “Employers can help their workers overcome stressful moments in their lives and build a stable economic foundation for the future.”
The PayActiv app provides a holistic financial wellness approach that includes features for bill pay, savings, financial counseling and literacy. Additional, powerful features can be unlocked with the PayActiv Visa card.
PayActiv CEO Safwan Shah adds, “We are delighted to join Benefitfocus in bringing the most innovative benefits to the American workforce. Families are facing more financial stress than they have in generations,” said Safwan Shah, CEO and founder of PayActiv. “Our holistic approach towards financial wellness is a win for both employees and employers. Companies can save as much as $50,000 annually because of reduced turnover for as few as 100 employees enrolled in PayActiv.”
PayActiv serves more than 3,000 businesses at over 20,000 locations. Over 4 million workers have access to PayActiv. According to its 2019 Impact Report, an analysis of customer usage of its service, in the last 12 months, PayActiv has saved users $240 million in payday loan, overdraft, and late fees, and reduced employee turnover by over 30%.
Benefitfocus’ Benefit Catalog provides employers, brokers and health plans the ability to offer customers more than 85 market-leading specialty benefits products from more than 45 leading brands. This product catalog provides an optimized and engaging enrollment experience that brings all categories of benefits together in one place.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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